Judge Shoots Down Parmalat Damages Attempt

Law360, New York (April 18, 2008, 12:00 AM EDT) -- An Italian judge ruled Friday that once-bankrupt dairy giant Parmalat SpA cannot seek damages in the trial of five banks that allegedly rigged the market in the company's collapse.

The company said Friday that the Court of Milan's decision excluding the company as a civil party in the criminal proceedings has no effect on its ability to claim damages. “These are, and will be, the object of claims in the bankrupt proceedings pending before the court in Parma,” Parmalat said.